ZKasino Scam Wallet Loses $27 Million on Ethereum Long Position

The perpetrator behind the fraudulent project ZKasino, who stole over $40 million, liquidated a leveraged 20x long position in Ethereum (ETH) on Hyperliquid. The loss amounted to $27.1 million, as noted by Onchain Lens.

A scammer gets a dose of karma.

The ZkCasino scammer, who scammed $40M+, closed its $ETH (20x) position on #Hyperliquid, faced a total loss of $27.1M.https://t.co/2j6woL4KVM pic.twitter.com/cWEkWiQxDc

— Onchain Lens (@OnchainLens) April 7, 2025

“A scammer gets a dose of karma,” noted the authors of the analytical resource.

The project was marketed as a gambling and blockchain casino platform, misleading investors with promises that they could recover their funds within 30 days, recalled Colin Wu.

“The developers of ZKasino bet everything on ETH, and the market got them; it seems the casino doesn’t always win,” commented one user.

Some traders successfully capitalized on market volatility on April 7. A whale who opened a long position in ETH with $4.52 million and 20x leverage closed the position three hours later with a profit of $1.87 million. 

A whale who opened a long position with $4.52M in $ETH (20x) has closed the entire position, making a profit of $1.87M, in 3 hours.https://t.co/Y9aVQ3BcL2 pic.twitter.com/NavTtzaXZU

— Onchain Lens (@OnchainLens) April 7, 2025

Bitcoin, after dropping below $75,000, recovered to around $76,700 (CoinGecko). Amid the rebound, a large trader deposited $5 million in USDC, opening a long position with 20x leverage at a price of $77,231.

A whale just deposited $5M $USDC and opened a $BTC long position with 20x leverage at $77,231.https://t.co/JWPzi3qIPP pic.twitter.com/gGmgexO2SW

— Onchain Lens (@OnchainLens) April 7, 2025

According to Coinglass, in the past 24 hours, the volume of liquidations in the options market reached $1.43 billion, with longs accounting for $1.22 billion. The closure of positions affected over 461,600 traders.

The largest single liquidation of $7.08 million was recorded on the OKX platform.

Earlier, a market correction led to the closure of a position of 67,570 ETH ($106 million) on the DeFi platform Sky due to the collateral ratio falling below the threshold.